Wgu c254 - Study guides, Class notes & Summaries

WGU C254 Fraud & Forensic Accounting, Questions and answers, 100% Accurate. VERIFIED

WGU C254 Practice Review Questions and Answers 100% Pass In the past (early 20th century time-frame), what was the general consensus of the principal purpose of audits (including among auditors)? To detect fraud To certify for the public that management is qualified to run the entity To evaluate that companies follow GAAP Investigative and analytical purposes To detect fraud Why has there been so much frustration between the general public and auditors regarding fraud detection? The audit...

WGU C254 EXAM 2023

(Economic downturn 2008 to 2013) Most economists agree that __________ and _________ were the root causes of the economic downturn. - -- sub-prime mortgages - other risky financial instruments Financial statements prepared by organizations play an important role in keeping America's markets efficient, what do financial statements provide? - -- meaningful disclosures of: ---where a company has been ---where it is currently ---where it is going Financial statement fraud is also referred ...

WGU C254 Fraud and Forensic Accounting Latest Update 100% Pass Which action is potentially unethical because it understates COGS? A. Understating purchases B. Understating purchase returns C. Understating ending inventory D. Understating purchase discounts A Why is it unethical for a supervisor to ask an accountant to capitalize the marketing research program? A. this action overstates assets B. this action overstates expenses C. this action understates liabilities D. this action understat...

WGU C254 Fraud and Forensic Accounting(Pre-assessment)Questions And Answers.

What are three ratios that are useful for detecting Overstatement of Asset Fraud? - -1. Individual FA account balances/Total FAs 2. Total Def Chgs/Total Assets 3. Def Chg W-offs (amort)/Def Chg Bal What are the three categories of Fixed Assets? - -Property, Plant, and Equipment. (PP&E) What are three common ways to overstate Fixed Assets? - -1. Inflated amounts are recorded in nonarm's-length purchase transactions. 2. Assets are not "written-down" to their appropriate Book, Market, or R...

WGU C254 Fraud & Forensic, Questions and answers, 100% Accurate. VERIFIED

Which action is potentially unethical because it understates COGS? A. Understating purchases B. Understating purchase returns C. Understating ending inventory D. Understating purchase discounts - -A Why is it unethical for a supervisor to ask an accountant to capitalize the marketing research program? A. this action overstates assets B. this action overstates expenses C. this action understates liabilities D. this action understates net income - -A How can financial statement fraud imp...

WGU C254 - Fraud and Forensic Accounting, Questions and answers, rated A+ (Economic downturn 2008 to 2013) Most economists agree that __________ and _________ were the root causes of the economic downturn. - -- sub-prime mortgages - other risky financial instruments Financial statements prepared by organizations play an important role in keeping America's markets efficient, what do financial statements provide? - -- meaningful disclosures of: ---where a company has been ---where i...